Reef Finance / Tether USD discussion
REEFUSDT.P rising wedge (bearish) inside a falling wedge (bullish). Last down leg and then go up. Time will tell. Will take a few hours
REEFUSDT Time to go longREEFUSDT.P no one sees the falling wedge on 1hr?
REEFUSDT.P please for the love of trading stop shorting Reef. please please pleaseREEFUSDT.P any idea whag is going on with REEFUSDT.p?
REEFUSDT.P Ahh so what happened behind the scene was this ( blog.reef.io/statement-on-reef-tokens-stored-on-paribu ).In short, there was a misunderstanding with Paribu (a Turkish exchange located in Istanbul).
In the early years of 2021,
REEFUSDT was available on the [Ethereum chain] and BNB chain aka the [BSC], in the dev's knowledge, Paribu has only served deposit & withdrawal of REEF in the ETH, while the BSC support was added in 2024.Three years have passed from 2021 to 2024, Paribu stated that they integrated [Reef chain] into their platform, but no evidence has been provided for this, and Paribu hasn't opened deposits or withdrawals for REEF on the [Reef Chain].
The dev suggests that Paribu should make an announcement to their user so they should send their REEF to a specific [BSC] wallet via Paribu's API, later they will get a same amount of REEF but in [Reef chain] instead of [BSC].
All REEF deposited in this way on the [BSC] would be burnt periodically to reduce the supply on [BSC] permanently, while the new REEF on [Reef Chain] will be minted afterwards so the supply will be the same.
But Paribu made a company decision not to provide an API for this migration, that's why the public assumed that the total supply expanded because the dev minted new REEF token on the [Reef chain] and a major sell off happened because they didn't know the technical story of this exact matter.
In reality, it was Paribu's decision who make things complicated by not providing API support for the migration, therefore the system can't identify whose REEF token belongs to which wallet address (in this chain migration context).
As of Oct 15, 2024 the dev worked together with Via Labs to make a bridge for this transition purpose.
We will see how this story unfolds after Via Labs completed the new bridge... 🥰
REEFUSDT trade towards .006 then from there it will probably consolidate some, between .005-.006 until it runs back to .008+
REEFUSDT.P Even though some large short positions cashed out today causing momentary upside spikes, a large portion of short sellers still remain.
REEFUSDT Inside the triangle pattern at the bottom of the candle, hesitating to go up
REEFUSDT.P eat that short squeeeeezeeeee